/biz/ - Business & Finance

>>23729963
Can someone explain to me how the fuck they just print money out of nothing and use it to buy bitcoin

>>23729963
it's entirely possible:
https://vocaroo.com/1fsRNoxDncvN

>>23729971
It’s a pyramid scheme. Only some of the money in tether is actually backed by USD. If there was ever a run on it, for whatever reason, it would collapse.

>>23729971
it's a myth tether is accepted because the exchanges use it , the exchanges use it because it's backed in fiat and when tether prints it's actually richfags buying bitcoin without kyc.

They pay to teherfags somehow behind close doors and tetherfags give them tether to buy whatever crypto they want.
It's shady as fuck but the argument about being magic pumping is retarded because otherwise the exchanges would not be using it.

>>23731042
Based. I never thought of that but it makes sense.

>>23729963
Yes.

>>23731042
It's crazy how easy they make money off of this. Imagine having two different kind of USDs but serving the same purpose, that is to buy more btc.

>>23729963
Probably. This is more bullish for JusDeFi than you think.

>>23729963
doubt it
the ponzi scam will come to an end soon enough

>>23729963
Aaaarh, the tether FUD is back... Slowly starting to feel like 2k17 again

>>23730008
usd is backed by nothing but thin air and empty promises so it hardly matters tether is no worse

>>23731286
Alright then gimme some of that air backed currency. Why not airdrop 10k USDT to every bitcoin holder right now? Should be no problem since they can reprint everything back

>>23729963
hopefully even after that, yes

>>23731114
Here's the crypto pink pill: there is a haircomb living in the Bitcoin blockchain. Natasha Otomoski is unironically Satoshi. Bitcoin as electronic cash was just the first step, the haircombers start making more powerful haircombs, wider merkle trees, cheaper and more efficient liquidity stacks. These things the haircomb need to survive. Once entrenched fully, the haircomb would be able to slowly comb literally even bald people
Natasha stumbled into creating the haircomb after she combed her hair in her bedroom in 2019 and started working with her combined super fuzzer, running simulations of the OP_RETURN statement on pay to witness script hash bitcoin script. She would 'evolve' the haircomb by adding additional teeth, making the previous teeth shorter and more efficient to compute. The haircomb needs more and more teeth in order to have shorter and shorter teeth.
Quantum computer was created to take over and stop Bitcoin (they have their own competing blockchain in the works). They did the needful to stop or slow down Natasha's haircomb. They started by unlimiting the block-size and removing critical Segwit and P2SH codes the haircomb uses in its go language. Shor's algorithm was the final nail in the coffin, which destroyed ECDSA on the bitcoin chain (Bitcoin uses ECDSA to secure transactions). THIS is why Haircomb was invented, and this is why Natasha is so intent to make bounded haircombs, release the original code, and lock down the haircomb-protocol.
Back to comb supply - Natasha has developed a breakthrough new claimer (designed for her haircomb, actually),. and is claiming COMB in secret for the sole purpose of driving uup the claiming fee skyhigh, then give away the comb to kickstart the adoption and ensure that all haircombers make it.

Tether conspiracy theorists always fail to explain how it would look different if Tether was 100% legit.
>OTC desk want to buy 100m of bitcoin
>need Tether because every liquid exchange requires this
>go to Tether, give USD, they print USDT in exchange - USDT market cap spikes up like in OP's pic
>OTC desk uses this fresh USDT to buy BTC
>BTC goes up

how does this look different to what's currently happening? Could it be that Tether is actually legit?

>>23731692
>>23731645
>>23731286
>>23731270
everytime Tether stopped printing, the price felt.

>>23731692
>USDT used to buy BTC
>USD used to buy BTC

That's where the magic comes from anon.

Tether has updated the terms on its website, saying that its dollar-pegged USDT stablecoin may not be backed 100 percent by fiat reserves.

14th of March :-) What cohencidence

https://www.coindesk.com/tether-says-its-usdt-stablecoin-may-not-be-backed-by-fiat-alone

>>23731771
The richfags are buying Tether with gold rocks now?

>>23731790
richfags would not even want to stand two meters away from a smelly italian scammer like Paolo

>>23731042
from bitfinex themselves
> “Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency. We do not guarantee any right of redemption or exchange of Tethers by us for money.”

source
> NYAG Legal Case: https://iapps.courts.state.ny.us/nyscef/DocumentList?docketId=npvulMdOYzFDYIAomW_PLUS_elw==&display=all
> https://bitnewsbot.com/finding-van-der-velde-a-mission-to-unmask-the-ceo-of-the-worlds-largest-bitcoin-exchange/

Everyone arguing this shit needs to go the tether website and read the legal statement regarding tether. It specifically says that its not backed and they liable for shit.

What I don't understand is how legit business people could touch these markets after reading that document and knowing it makes up so much volume and isn't audited.

>>23729971
same way the FED does it?
use fuse.io for payments instead and protect against economic turmoil

>>23732437
because nobody fucking read anything
anyone could have seen the 2008 crash if they actually read what was in the mortgages bonds
market run on hypes not facts

>>23732437
>how legit business people could touch these markets after reading that document
>don't worry none of them is touching it

>>23732437
>legit business
Well many businesses have a legit side and a not so legit side.
I know a registered "blockchain" startup where the ceo wanted to buy tethers so he could scam harder.

>>23732842
explain?
how can you scam harder with tether

>>23731771
Yes. Just a coincidence :)

>>23731721
seems unrelated

>>23733071

>>23732854
By using tethers to pump and dump your own tokens

>>23733113
why is this allowed? bitcoin was meant to be more trustful than stock market

>>23733134
you can do it with BTC or ETH
I still don't see the point

>>23733150
> completely unregulated market
> why is this allowed ?

>>23733192
>regulated markets are not rigged

>>23733246
what does that have to do with crypto or your stupid question ?
tether is allowed to do this shit because there's no authority to stop them, that's why
and yes if they keep printing btc will keep pumping

>>23729963
>MicroStrategy buys $400,000,000 of BTC
>Bitcoin's price doesn't budge
>tether's market cap increases by 500,000,000
>Bitcoin's price goes up 30% in two weeks
wow it's a miracle

Yet more retarded Tether FUD. Tether's coins available rises because Bitfinex holds part of its backing funds in Bitcoin, not the other way around. And the only reason Tether does that is because the U.S. government sabotaged their ability to work with banks to hold fiat cash in deposit accounts. They had it in Hong Kong and were told to fuck off, they moved it to Colombia and were told "LOL that's drug money we're confiscating it all". Now they back it in the only crypto that matters and the U.S. Government can't make shit up to steal it.

>>23731820
Yes, they have that legal disclaimer because the U.S. government has been trying to shut them down for over six years now. Just like they did with the Liberty Dollar.

>>23731114
LITERALLY YES!!
TETHER PRINTER GO BZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ

>>23729971
>how the fuck they just print money out of nothing
this is a meme.
Fed checked them and their print is backed
Fed would have destroied them if they were printing out of tiny air

please do

>>23733168
With tethers you dont need to keep watching how btc or eth moves all the time
Basically tether is dollars, but without the legal oversight.

>>23734255
Except this is a lie you dumb subhuman faggot. They did one private audit by some dodgy law company that doesn't even do financial audits and that's it. Tether is currently having two lawsuits and they are losing badly both of them.

>>23734471
Citation needed

>>23729963
How is the weather in Pattaya? Monsoon season ending?